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The Lok Sabha passed the International Arbitration Centre Bill, 2019.
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The Bill, replaces an Ordinance promulgated earlier this year.
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Provisions of the bill
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The Bill provides for the incorporation of the International Arbitration Centre (NDIAC) for creating an autonomous regime for institutionalised arbitration.
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The Bill declare the NDIAC as an Institution of National Importance.
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The Centre is to be headed by a chairperson, who has been a judge of the Supreme Court or a High Court or an eminent person having special knowledge and experience in the administration of arbitration.
Source
The Hindu